The Des Moines Register from Des Moines, Iowa • Page 44

joined COMMERCIAL SECTION, MOINES. IOWA. SUNDAY MOUNINC NOV. 4. 192a.

COPPER STOCKS HIT BOTTOM; RISE EXPECTED Industry Will Prosper, Babson Believes. LATIN AMERICA BUYS MORE THAN IN PRE-WAR DAYS STOCK DECLINE COST INVESTORS TWO BILLIONS Oil Shares Alone Drop $778,000,000 Since March FOLK COUNTY HOSPITAL NEARS COMPLETION This photograph of the Polk county tuberculosis sanatorium ah owg the progress that Is being made In its construction, building will be completed by Jan. 1, If the present pace is maintai ned, and there is nothing to indicate It will not. The first will be received in February, according to present plans. 'v SUPPORTED FOR FEDERAL RESERVE BOARD DIRECTOR The U.

S. Merchandise Forms 46 Per Cent Imports. 0 i r-n icb mm ftMi iiv "SKI ft'SHIMl iW-fl Sf More than two billion dollars has been lost by Investors in 233 listed stocks since the bear market got under way last March. At that time value of 'these stocks was no less than 414,000,000.000. and the decline to tbe present date Is in excess of 15 per cent.

It is, nevertheless, comforting to realize that the value of these securities still Is $2,500,000,000 greater than it was at the trough of the bear-'niarket in 1921. Tlio slump in the value of petroleum stocks alone accounts (or fully 37 per cent ot the loss incurred, according to an analysis Just completed by the Standard Statistics company of New York. Since March, the analysis shows, the total market value ot seventeen petroleum Issues has de BY ROGER. W. RtltSON.

Wellesley Hills, Nov. 3. i Special Copper securities at a new low for the year, reached during (he lust two weeks, have stirred the Interest of the Investor. The copper Industry has for fome time been rolling In the Coldrums of low prices and depressed market conditions, from 1921, throughout 1II22 nnd Into the first iiuarter of this year, prices moved ateadlly upward. In March a temporarv reaction Bet In and during the past seven months the trend has been markedly downward.

i'resent quotations are on a pur with those of the early part of 1922. Apparent domestic consumption since the low points of 1921 has continued In an uninterrupted rise. About 700,000,000 pounds were consumed by domestic man-ulaeturers during 1921; 1.100,-000,000 pounds during 1922, and an estimate for the present cal Trade of the Enited Stales with her Latin American neighbors will be nearly in th calendar year 19:3 against three-quarters of one billion In the year-in mediately preceding the war. if This growth in trade with diif Latin American neighbors, sava the Trade Record of the National City Rank of New York, occurs especially in the exports, which will total in 1923 about $875,000,000 as against In the fiscal-year 1914, all of which immediately preceded the war. The share which shipments to that section of the glbe now form of our total exports Is much larger than in the year prior to the war and will be approximately 18 per cent in 1923 as against about 12 per cent In 1914.

Hoy 45 Per Cent Here. Still another encouraging factor In the figures of our trade with Latin America Is found in the fact that the official records of those countries show that they are now taking a much larger share, of their Imports from th United States than prior to the war. Taking the Latin American countries aa a wkole, their own official figures for the latest available year, 1921, show that they took In that year 45.4 ner cent of their imports from the United States as against only 24.3 per cent In the year preceding the war. The official figures ot the twenty countries forming the group designated as "Latin America" show, adds the Trada Record, $834,000,000 of merchandise im- I. nn nnnn i ninn Big American Problems As Seen by Big Americans Julius Barnes Says: more than 5 or 10 per cent.

"Standards of living are rising all over Europe and history shows that as people advance in civilization they become wheat consumers. "The Japanese, the Chinese and the East Indians will soma day become wheat eaters. "The American farmer has uo need to fear the future. It grows steadily brighter. All that Is needed Is stable conditions in.

Europe." clined $778,000,000. The loss in tntrty-one railroad issues has bean $420,000,000 during the same period, while nine steel stocks have lost twelve coppers, ten automobile is sues, $81,000,000. bight groups of stocks are Bow at their 1923 lows rails, jcoai. copper, leather, machinery, paper, textile and tire. Tnree groups are today below their 1921 lows paper, shipping and tires.

No group is now at its 1923 high, although chain store group is less than one point below current year's record level. The paper and petroleum groups have shown the greatest declines measured by percentage points from the 1923 highs. Seven groups have declined more than twenty-five points fronvthe 1923 highs chemical, copper, leather, paper, petroleum, textiles and tires. i The total value of the shipping shares Is today only one-tenth ta great as at the 191 peak. The market value of the tire shares Is only one-fifth as great.

The market value of farm machinery, machinery, mall order, paper and sugar, only about one-half is great. maHOBO stock mmoKm? ''Saw Ynur Sarinotf' i "(JIVE ts THIS DAY" Kveryrinr, enr; holy, needs hm. thing. Tli mnnt cMrnttal tiffed It rienffndabl tncom to provide for thoM needf. An Invent men! niw of roar Idle flrTiiue money.

In thl-rnio't, hlirh-rriide, gllt-edved, naiil-nt nnd nimrtment property, would Injure thut, with unquestionable enfety for the moner Inveetrd. We tittvr many litrre nnd email, deelmble Income oronertlM, of (he ehnrmeter deerribed. to offer yon al nttmetlea firlreN and term. Definite Infiairlel nvltcl and einerled. JOHN H.

INN, Income rrenertr R. i. HAHNKTT ITK ft-fT NORTH I.A HAI.I.fe STREET, (Hl-VMiO. ILLINOIS. Recent purchaser of more than $50,000.00 worth of Allen-RUt-Bonds are fails-tkXJ-XbatZtoty 'are tote.

guMricd'ln evrrf wy." Ijtt us explain these safeguard to you. Call or write DUDLEY ALLEN 513 Hith Ave. RECENT IOWA PATENTS The following patents were Issued to residents of Iowa tor the week ending Oct. 29, 1923, as reported from the offices of Bair fc Freeman, patent and trade mark attorneys, Crocker building, Den Moines, Emil Jorgcnspn, Moines, fastener for window screens; Cortes Merrill and C. M.

Wegner, Oelwein, automobile clock frame; Georue V. Mnhr, Victor, watch mechanism Donald W. Kussell, Jefferson, ehade or curtain holding fixture. George J. Scluiller.

Members of the iluena Vista County Bankers association are supporting George J. Schaller, president of the citizens First National bank of Storm Lake, for membership of the Class A lard of directors of the seventh federal reserve bank of Chicago. E. L. Johnson, president of the Leavitt Johnson Trust company of Waterloo is tho present director whose term expires this year.

The election will be held Nov. 8. BETTER TWE IN STEEL MARKET (Tin RenlKter-Publlo Lfdger Service.) (Copyright. Philadelphia, Nov. 3.

The Iron and steel market shows a better tone. There Is some lessening In production, but It is not so great as expocted a month ago. It Is believed the aspect of the industry will change somewhat In the next few days. The semi-annual meetin" of the American Iron and Steel institute is expected to develop, some fea tures that mav Instill confidence In both producers and consumers. At the meeting of hardwsre manufacturers and Jobbers, representing steel users and distributors, last week, a spirit ot optimism prevailed.

Orders for sheets, especially from automobile plants, are Being received In larger volume. Production of tin plate continues heavy; it is expected statistics will show a 10 per cent increase in output this yea' overtthe previous high record Instead 6 per cent, the previous estimate. Factors believe the new tin plate price will apply for the' first quarter only, thus placing tin plate in the line of practice applying to other steel products. Reports from Pittsburgh and Youngstown show that steel bars continue to be the firmest Item on the list. Inventories in the iron and Bteel trade are reported low by producers and consumers.

The belief is gaining ground that business Is passing through a waiting period, to be followed by a marked revival after the end of the year. Trading in pig Iron is Blow. Sale prices In many Instances are below production costs and keen 'competition 'Via the central west has lowered prices tBerft. from )he YotiDgstown district: Bhow. expected' of scrap is not In sight and there are no Indications of a revival.

Iron Trade Review says much dependence for a substantial revival of business In the iron and steel market tn the near future Is placed in the railroads. Growing neeotlations for cars, locomotives, rails, bridges, track material and miscellaneous steel from this source are going forward and prospects for large orders, to he placed soon, are good. Building activity Is more promising than has been expected for this season. Home Cnmpnlini Success. Wllmlnp-tnn J)u 1 Twelve new bt'illdlng'and loan as sociations, wnien nave sold ohnroa nf atnfr tn A Ann sons, the majority of whom never before saved monev Is the result nf a that bos been going on In Ilia-ware two years.

Most of the sav-lues are of have subscribed to 25.669 shares. Assets or me associations have increased $500,000 in the last two vesrs Prtlliltnt Ail'luuri Parker, Vice PrMHent Elmr l.otirk. Vice Prenklitnt Frank H- Cumititna. Vice Prmdent Herry Tavlor. BfrrflUry-Treae.

DIRKCTOHS J. rownlr H. R. Hnwell Elmer Lourke (Irani Fherrln A. C.

1'ftBfl A'tlON II Ruloh H. Plumb tv. w. Si-nri Wetter HI. John rrd W.

Swaneon Harry 8. Taylor USE THIS NOW Kindly send me your new bonds. Name orrtciSRS R. Howe 1. 1 Toe Invest t'jttra Years stability ideal earns lr, Central Hons nterest Mall endar year places the amount in exceaa of 1,400,000,000, a figure closely approximating that of, maximum war activity during 1918.

Buying Movement Xears. The export situation is comparatively Rood and Improving. Export figures have risen stead-! lly Irom 504,000,000 pounds for "the fiscal year endine June. to an amount that will probably exceed 7 50,000,000 pounds for the present calendar year. This fig- lire la in excess of any previous to I 1912, and closely approximates I years Immediately preceding the! war.i DUrlng the past seven months there has been no appreciable decline In manufacturing activity.

Actual domestic consumption has had only a slight recession. Kx--ports have held well. The basic reason for the present low market Is found In the cleunlng up of etocks of raw material held by manufacturers. The accumulation of such stocks Inevitably accompanies a period of Intense activity such as the mills experienced last spring, for It then becomes necessary to keep a larger supply on hand to insure uninterrupted operation. With these "greaslng-the-ma-ehinery" stocks now reduced to about normal, fabricators must enter the market to cover new orders for copper and brass products.

This basic reason for the present low point Is in Itself a btrong argument for heavier purchases and consequent higher prices. All Indications point to the fact that the stage is being set for a long awaited buying movement. Nearly every appreciably upward turn In prices has been directly preceded by an abrupt drop In shipments from the let'ineneo to domestic mills. In September domestic deliveries were only pounds, the lowest since ftarly In 1922, 'and over pounds below the average point, for the first eight months of this year. Copper buying has always come In waves.

Psychology enters the market in a persistant tendency to follow the crowd, and Is often the deciding factor In the dlrec-Hnn umt ovtnnt of nrice move ment. Another Indication of approaching strength is the length and extent of the declining market. Since the latter part of March there has been no halt in the fall of copper prices. A study of market fluctuations for the past fifteen years shows thul six months is the maximum limit of a continued price trend. t'invHivi Turn In Sljilil.

For the first time these factors will presumably have more weight in the market than the relative etatus of stocks, production, consumption, etc. Postwar production has not yet been properly adjusted to peacetime consumption. Until such an adjustment Is made prices will be determined not much by the ratio of supply and demand as by the rate of expressed demand In the form of sales, that is, the volume of refined ropper actually changing hands from producer to The fact that general business is working sldewise and slightly downward the Malison chart shows present activity IS cent tieiow normal may delay IhtR recovery somewhat. The position of the industry. Judged bv itself, would suggest the purchase of copper stocks.

The fact, however, that the long swing trend of the stock market and general business is still downward Is a deterring factor. A single group of storks cannot well run counter to the fundamental situation that governs the entire market. When the bottom has been reached, however, and the long swing upward inn order copper stocks should be among the first to benefit by the rise. Canton SH'fl MH. Have Hii! lay K1N (Th Bltr PuMIl- Srvl, I ()'oyiis'o Canton, Nov.

3. More than $14,000,000 was paid out in wages by steel works and rolling mills In' Canton and Stark counties during the last year. Seven Industries had pay roils more than the million dollar mark--Ht. el. foundry anil machine shop products, automobiles and pans, copper, tin and sheet iron products, briik.

tile and clav products and pottery. He.ivv demand for clay vit'h-Ing machinery is parted hv t'i cnuipan. one tai-est concerns in the I'nitcd making Jim, Inner- There a hip cail 'oil vrizing machinery. firm is equipping a of plants in this uuiulry and ship-pi-ie uiurh machinery to Indh. China, Vrance, Kngland and Ji pan.

To Ihilse SIkx'P I'l Alaska. Portland. Nov. .1. Oregon and Washington flocknins-t rs have determined to in aheep wool production on a larce Kcale In cn" "I he group or Island- at the nc-l-r-rn extftni'v of ka.

Home nro a eiii! deinnn-'t'tfi'tn wi Hie-'" 'h" po-si b'ntiea of sh'-tip bt t.t'f the resit of Alaska, but the volcanic action on Kodiak island sated all animal life within a-wloe taditfa of the ruptlon. jFROM NEW RURAL CREDIT SYSTEM Warehouse Certificates Might Be First. The possibility that certificates Issued under the new Iowa warehouse act on grain sealed and stored farm granaries may be accented for rediscount bv the federal Intermediate credit bank for the district, located at Omaha, I adds interest to the progress ot banks. The. warehouse certificates, none of which have been issued, will be confined to corn.

L-nloss other corn loans are made before the first certificate Is discounted by the credit bank, that will- bo the first loan from the credit bank on Iowa corn. JSoans have this far beep made bjyhe as follows: on wheat, $188,102 on wool, $7,730,900 on cotton, $1,506,787 on canned fruits, $1.214,90 on tobacco, $4,800 on red top seed, $50,000 on broom corn, and $210,000 on raisins. According to Merton L. Corey, member of the farm loan board and ex-officlo member of the new Intermediate credit system, who met with Iowa officials at Omaha last week, the new Institutions have rendered financial service to 250,000 members of co-operative marketing associations and have additional commitments aggregating $25,000,000. Have Trea.ury Italnnre So far, Ihe credit banks have called upon the treasury for only $20,000,000, and have determined upon a poliry of postponing as long as possible another call upon the government.

It. is planned first to acquaint tho investing public with the new securities and to create a general market for them. It Is planned to hold the remaining $40,000,000 available from the treasury in reserve for emergencies. The credit banks have offered for Bale two Issues ut $10,000,000 each at 4J per cent, maturing in six months. The debentures offered were bought up by about twentv banks.

Addressing the Nebraska Bankers' association, Mr. Corey said: "It is not to be expected that any system of credir can solve all th problems which agriculture faces. It requires something more than credits to raise the price level of farm commodities to the general commodity level. But it can be a factor in the restoration of normal conditions and should be fully utilized by both banker and farmer. Take Iamir Terirt Taper.

"There is nothing unusual or revolutionary about the intermediate credit banks. They will take longer term paper, but not poorer paper than is eligible with the federal reserve system. "We are determined to preserve all the elements of good banking, which are essential to the permanence of any financial system. No system has been or can bo devised for the extension of credit to any class without proper provision tor security and maturity. "We court your unprejudiced consideration of this new system, which completes the nation'B financial machinery.

It Is sound in principle, and it will Bucceed because it is founded upon the business and banking practices which have made existing financial systems successful. "It unquestionably Is to he. a permanent addition to our financial structure. "It will be an Instrument of competition for you, an invasion of your hanking field, only If you make it so. It Is not so constructed nor Intended.

It can and will be made an agency of great service to the farmers and to the hanks which minister to them if bankers and farmers alike shall co-operate to utilize Its benefits. Follow Finance Corporation. "The most encouraging sign In recent months Is the broadening of the spirit of co-operation. It was this spirit that made America great In war, and a revival of this spirit ran now clear the remains of the debris which the backwash of war has left us." The credit banks are Intended to take the pjace permanently of the War finance corporation. They take loans for longer periods than the federal reserve system.

The federal reserve will not make loans for longer than six months: the credit banks will not accent loans for less than six months. A loan of less than six months Is of no use In agriculture so the credit banks are a source of adequate term farm credit. Loans are not made di rect but through associations of; oanKS. ine credit system is an-minlstered In conjunction with the federal farm loan system. Itmv Suitar nt 1 New Orleans, Nov.

3. Sales of new crop Louisiana raw sugar 7 cents for delivery Nov. 15 has featured the recent sugar, market. Refineries are hard pressed to fill orders. Withdrawals ar-' heavy.

Stability Abroad Only Way to Bring Prosper- ity Aj sain to Farms of U. S. HY KIMVAKD KOHKKTS. K'opyrlght.) Restore stable conditions in Europe and you will restore prosperity to thi American farmer; That, In a nutshell, Is the remedy for our agricultural troubles prescribed by Julius H. Barnes, president of the Chamber of Commerce of the United States, and the head of the greatest grain exporting house In America.

Mr. Iiurnes is not the kind of a man who renders snap Judgments. This tall, quiet-spoken westerner, who, as American grain administrator took a major part in the gigantic task of feeding the allied armies during the war, has a somewhat disconcerting habit of looking you over thoughtfully for a few moments before he answers a question. If he does not feel certain of his answer he does not give it What Hope for Farmer? "What hope has the American farmer got for an end to his troubles?" That was my first question when 1 met Mr. Harnes in his aerie In the top of one of New York's greutest skyscrapers, an aerie from which he had watched the grain argosies of 'America set sail for Ktirope during those momentous years which decided the fate of the world freedom.

Mr. Parnes looked meditatively at his desk which was as bare and polished as if It had Just arrived from the factory. Business does not accumulate arrears In that office. "I suppose you mean the wheat farmer, he said. "The cotton farmer is in good shape and the hog and corn farmer is not In such a bad position.

Hogs are selling at 7 to 7 cents as against 5 cents before the war, and corn Is 80 cents us compared with a prewar price of RS cents. Com-pnred with other merchandise these prices are fairly good. It is only in the case of wheat that there Is any serious trouble." "What is the cause for the depression In wheat?" Must Look "Conditions in Europe," replied Mr. Harnes. "and especially the chaotic state of most European currencies.

If the American heat farmer is to understand his own position he must understand the relation he hears to Kitrope. There are olio. 000 wheat consumers over there whose normal needs call for monthly Imports of between 50,0011,000 and 00,000.000 bushels, 80 per cent of which must be supplied bv us. One trouble with the farmer Is thut he does not look beyond the merchant through whom he markets his grain. The merchant lookj farther of course.

He is selling in a dozen countries, tn scarcely one nf which jean he tell from day to day what itbe ve.lue of money will be. I Naturally he confines himself to i minimum shipments. His busl-Iness life depends on his caution." Mr. Harnes paused. "The net result is?" I prompted.

"The most positive and obvious i result is Unit shipments are curtailed and wheat intended for ex- nort rests Idle in American warehouses with the inevitable de-' pressing effect on prices." "How much wheat Is affected in i this "About one month's normal export. That is. there are about bushels backed up on the Ai)irlean a quite suf-i fi' ient load to kffp prices down. 'That represents the vital difference between the wheat farmer land th" hog or com farmer. The I main consumption of bou-s and din is domestic and when we prosperity at home the hog i corn raiser shares in It direct-t'n th other hand, 20 per cert M- our wheat crop Is surplus; be disposed of abroad! i a ir this instance abroad means I HwarrHiiteil Talk.

"The farmers seem to think speculation en the exchanges Is 0 rt'v responsible at least for the I price situation," I suggested, i "Yes" said Mr. Harnes re- fl'-ctively. "There Is a great deal of unwarranted talk about specu-. 'ct'on and ivost of it Is based on ici oi-utice. That kind of talk has il'ed in the Capper-Tincher bill wp'ch unfortunately adds to the iiflea th'tl i'il speculation Is wrong and t.

nrts to put a stigma on every iican who engages in It. The Jtrrth Is of course that 'he kind. of t. iilaiion known )n the trade ti-oging is ni oniy not rotv; bijt Is the (only means i i y.h has been devls.4l of keeping i ported from the United States in 1921, the latest available year, as against $319,000,000 in the year Immediately preceding war, an Increase of over 160 per cent in stated value, while the share which United States merchandise formed of their imports was 45 per cent In 1921 as against 24 per cent in the year Immediately preceding the war. This startling Increase In the percentage which we are now supplying of the Imports entering Latin America is apparent In all parts ot that area.

Mexico, for example, took 48 per cent of her Imports from the United States in 1913 and 76 per cent in 1921. Cuba took from the United States in (1913 only 53 per cent of her total imports and in 1921 75 ner cent; Argentina took only 15 per cent of her Imports from us In 1913 and 28 per cent 1921. In Brazil the share drawn from the United States jumped from I per cent In 1913 to 31 ner cent In 1921. In Uruguay imports from the United States advanced from 12 per cent to 26 per cent of the total, and in the case of the Dominican republic advanced from 62 per cent to 84 per cent. Import Manufactures, This big growth in our exports to Latin America and the equally big increase in the percentage which we are supplying of their imports is especially interesting, In view of the fact that manufactures form a very large proportion of the merchandise which they import.

In the movements from the United States lo Sou Central American countries manufactures' form about. 80 Vt cent ot the total, though in the case of our immediate neighbor, Cuba where sonar and tobacco command the activities, ot the en- tire Industrial population, fooa-stuffs form a larger proportion of our exports thereto than In the other sections of Latin America; yet manufactures form a very large percentage of the exports to that Island despite its demands for the meat, dairy products and breadstuffs of our farms. All of this merchandise sent to Latin America is paid for in the natural products of these countries, for our Imports from Latin are always, and quite naturally greater han our ex ports to them, iney supply us, a temperate zone country, with their tronlcal products, Including manufacturing material foodstuffs, while they take their pay for these natural in manufactures. Filipinos Displaee Japanese in Hawaii Honolulu, Nov. 3.

For the first time in twenty years Hawaii this year finds the Japanese taking second place among the laborers on its -'antatlons, giving way to Filipinos as a result of the heavy recruiting of the latter race in the last three years. It is estimated that the Filipinos outnumber the Japanese on the plantations by about 4.000 more than 20.000 Ftlininos as against on approximate 16,000 of Jiuianese. The ra'ltv with which the Filipinos have been coming here is seen In the fnct thnt there were In 1921 approximately 6.500 of them, as com-in 1922 there were 17,000 of each race represented on the planta-pared with 17,200 Japanese, and tions. Immigration figures show that during the last vear more Japanese, particularly men, left the territory than entered. On the other hand, the F'" 'nog who entered the terrtfory, outnumbered those who le.ft by 5.202.

Flower Bulh Farms. Savannah, Nov, may be the first state In the country to figure prominently in the growln" o' flower bulbs for distribution throughout the United S'nes. as a result of developments under way on Wilmington island, where the Sun Ray n-'h Farms eorpor'on is clearing land- nreparatory to planting 9.000 000 bulbs this year. The number of plantings Is expected to be materially Increased in 1924 upon completion of the preparation of the land. Itlg Crude Oil Dwrrase.

Two areas In the United States were responsible for an Increase of crude oil production for the entire country averaging 90,8601 barrels daily, one of the largest I Increases registered in manv months. The Wyoming-Montana area came back during the past week with a production sligntly above normal. The bringing In of a number of big wells in the Powell field In Texas resulted In the production ot that field reaching a new high average for the week, I "The solution of the troubles of the American wheat farmer lies In Europe. "Lack of transportation facilities will prevent Russia from exporting wheat in large quantities tor a long time to Xme. "Outside of Russia, all Europe" could not Increase her present wheat yield the market stable and preventing fluctuations which would be disastrous to both grower and trader.

Manipulative speculation, where huge quantities of any commodity are dealt in with no other pur pose than to affect prices and In violation oi natural ousiness laws, Is an evil which should rightly be stopped and which, as a matter of fact, Is rarely attempted. The worst of It 1b that wlien such an attempt Is made it receives a tremendous lot of publicity and the public gets the idea that all speculation Is of the same kind and all equully wrong." "Do you think the present European situation offers encouragement to the famner?" "Unquestionably yes," replied Mr. Barnes, this time with no trace of hesitation. "Conditions in Europe are steadily Improving and production as steadily increasing." "Uui 111 uot Increased production in i.urope mean a falling off in demand for American products? Several statements have been made recently regarding Russia's re-entry as tin exporter and particularly of wheat. If Kussla, Rumania and the other wheat producing countries of Europe come Into the world market again will not that added competition Increase the difficulties of the American farmer?" Insufficient Kvldence.

Mr. Barnes shook his head. "I have Been the kind of stories you refer to," he said, "hut once again It Is a question of rushing to conclusions on Insufficient evidence. As far as Russia Is concerned her lack of transportatiion facilities will prevent her exporting wheat In any Important quantities for a Jong time to come. The other countries are producing to their caPBC'lty now.

German soil Is almost exhausted. France cannot do more than she Is doing and Italy would need extensive Irrigation plants to utilize her vacunt Roll. Such plants are impossible In a country where earthquakes have to be figured on. Outside of Russia I do not think all Europe could Increase her present wheat more than five or ot best ten per cent. To offset hut you have to consider the Improved standards of living which are one of the few good results of the war.

"Standards of living are rising all over Europe and the experience of all history shows that as people advance In civilization thev become wheat eaters. That Is happening today In the more backward countries of Europe and the same thing will come in time to the orient. The Japanese, the Chinese and the East Indians will some dav become consumers of wheat. That day may ho a long way off hut In any event the demand for wheat throughout the wrld must, keep growing and its most Important growth for the present will he in our greatest market Europe, "The American "farmer has no need to fear the future. It grows steadily brighter.

All that he requires Is stable conditions in Europe. Anything that tends toward thut end is to his direct advantage us everything that tends to keep Europe ill turmoil is to his direct tnjtirv." (Eilitor's This otic of (i of artv in irhU some vt thf mof vitnl problem tit prc-ctif brfnre the American tinfion are dcvcioucff by some nf the best known trailer of American nnd thtiuuht. The next article Motor IIium-x in China. Wang Shan-chl and several other members of the Anhwel local gentry In China have organized, the Hwel Pei Motor Bus Service company with a capital of Two roads between I'engpu and Ylngshang and Pengpu and Pot-how are to be built and opened to motor traflic. tuil thrap to Emploves.

Elizabeth, N. Nov. 3. The rtavwav refinery of the Standard on company of New Jersev, has pliced orders for a largo tnnnng" of anthracite, nut size, to he sold to emnloves at nrices less than tne prevailing ra tes Thu nHru ia 1 0.30. with a delivery charee nf $2.

Dealer here charge 113.50. I Brief Notes of Iowa Business lUnoid IlulUlIng at Sioux City, More extensive building operations are being carried on at Sioux City this fall than during any fall season for a number of years. Permits for homes totaling tn excess of (300,000 were Issued In October. Only one permit called Nfor expenditure of more than $,000. Ijigle irove Hunk Completed.

The new Liberty bank building at Eagle Grove has just been completed. 'Ihe second ti or will be used for offices. Representative Henry Uonhowe of Story City Is president of the bank. Waterloo Restaurateur Sells. After more than thirty-seven years In business in Waterloo, the last seventeen of which have been spent In the same location, Jack Casebeer has disposed of his restaurant to George Corombos of Racine, Wis.

Mr. Casebeer has been in the restaurant business in Waterloo longer than any other person and is among the oldest restaurant men in Iowa. Tipton Hank Una Safety Doors. Fire, burglar and mob proof doors are being installed at the City National bank of Tipton by the Mosler Safe Lock company. New safety deposit boxes are also being added to the bank's equipment.

Hampton Water l'lant Improved. Hampton has Just finished some substantial improvements to the waterworks system In the way of pump equipment, and is now better prepared than ever to handle the needs of the community. The new machine is a centrifugal pump, and was installed under the personal direction of Herman A. Mohrlng, superintendent of the system, making a substantial saving to the city. Extend Keokuk Eight Service, Plans have been completed for the transmission line from Keokuk to Galesburg to provide electric, light and power for the latter city from the great power plant at Keokuk.

Construction of the lino has been authorized by the Illinois Light and Power company after long investigations and calculations. According to the present figures it will cost 1 and will take a year to get It in operation. Johnson llrolhrrs Incorporate. Starting with an investment of $1,200 twenty-three years ago, Johnson Brothers, at Clayworks, south ot Fort Dodge, engaged in the business of producing clay products. The company has recently been Incorporated for $600,000 with paid up capital and will be known as Johnson Clay-works, The officers are D.

O. Johnson, president; William Johnson, vice president, and E. J. Halligan, secretary and treasurer. In addition to manufacturing building tile, silo blocks, paving brick, face brick and drainage tile, the company operates a sand and gravel pit with an output of 1,000 tons per day.

Danzig Drops German Mark; Adopts Gulden Danzig, Nov, 3. The Free State of Danzig discarded the Herman mark, which -has served as its currency since its separa- tion from Germany, and started ncw basis. The new currency is based on ster ling and is backed with funds raised a private bank of issue. The Panzig stock market no longer will be tbe stamping ground for bootleg speculators to enn line rjl linnet Inn. in riormon nmrku Hint are fnrhiililvti In many.

Proven by the atC T3ma Waft your spare funds In Commercial Bonds and benefit by the safety which 'they provide. and changing business conditions have never affected their and splendid yield. An Investment. Each bond secured by income producing, Interest bearing real estate collateral held in trust by State Bank. Denomina- $50, $100, $500, $1,000.

semi-annual. t.ha coupon today Commercial Building and Cecurltle Cc. 627 Sixth Street folder on If, real, estate secured Address I'aone Black SM If your boiler leaks call us for prompt service. We have first class mechanics. Fur'ong Boiler Iron Works 4IMI-40S Enat Court Ave,.